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Opening Bank Account For Condo Purchase

5ky
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5ky Apprentice Member

5ky

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Posted

Obviously i will need a Thai bank account to purchase a condo, but if i don't have an address yet, how can i open an account in Thailand ?? I understand some people have used their Hotel's address, is this safe ??

Also, having read previous threads i'm rather confused: do i need a certain Thai visa ??

Any other advice is welcome :)

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Jingthing Legendary Member

Jingthing

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If they let you open it with a hotel address, I think it is safe. That is because in the many years I have had a SCB bank account, they never mailed me even one thing. Banks have differently policies on who they will open an account for. There is no national rule on what kind of visa you need. Kasikornbank has the deserved reputation of being the easiest to open.

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chanwit Senior Member

chanwit

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If they let you open it with a hotel address, I think it is safe. That is because in the many years I have had a SCB bank account, they never mailed me even one thing. Banks have differently policies on who they will open an account for. There is no national rule on what kind of visa you need. Kasikornbank has the deserved reputation of being the easiest to open.

Do all the banks still require you to have a work permit to open a bank account?

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Jingthing Legendary Member

Jingthing

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Posted
If they let you open it with a hotel address, I think it is safe. That is because in the many years I have had a SCB bank account, they never mailed me even one thing. Banks have differently policies on who they will open an account for. There is no national rule on what kind of visa you need. Kasikornbank has the deserved reputation of being the easiest to open.

Do all the banks still require you to have a work permit to open a bank account?

No!

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pkrv Gold Member

pkrv

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5ky - check the pinned thread it says it all.

http://www.thaivisa.com/forum/Opening-Bank...t260738.htmlBTW

BTW where does that Avatar come from?

Hello again pkrv ....

Thanks, but the thread you suggested, is a broken link.

Can't remember where i got my Avatar from. I think i googled "animated GIF's". Cool heh :D !!

Hmm that should have worked tempory glitch

http://www.thaivisa.com/forum/Opening-Bank...nd-t260738.html

That failing the top posted pinned thread on this sub forum. BTW you should get back to another thread, you are causing confusion, so also :D

Will check out the avatars - Thanks PKRV :)

edit checked above link it now works

Edited by pkrv
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ericthai Gold Member

ericthai

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Same. Never received any mail from Siam Commercial or Bangkok Bank. All banks and branches are different, most want a work permit, but if you keep trying bank to bank, branch to branch you will find one that will allow you to open an account without a work permit. Bank of Ayudhya in Fortune town will open with out a work permit last I checked, which was about 2 years ago when I helped a friend open an account, he used my address, which the bank had no problem with. Good luck!!

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PattayaParent Diamond Member

PattayaParent

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If they let you open it with a hotel address, I think it is safe. That is because in the many years I have had a SCB bank account, they never mailed me even one thing. Banks have differently policies on who they will open an account for. There is no national rule on what kind of visa you need. Kasikornbank has the deserved reputation of being the easiest to open.

Do all the banks still require you to have a work permit to open a bank account?

No!

Of 4 bank accounts I've opened 3 banks requested a work permit but one of them accepted a 1 year non immigrant O visa instead.

Only Kasikorn have never requested a work permit or any kind of visa.

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ericthai Gold Member

ericthai

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Do not by a condo! Again, do not by a condo...If you have doubts, please feel free to contact.

It would be far better if you please share - that is the point of a forum - we argue, not dictate.

I concur.

I own a condo in BKK and a house up north, tell me why not to own a condo?

If I rent I'm restricted by the owner at what color I want the place, at the mercy of the owner for rate increases, if he sells I could possibly have to move etc. So please enlighten me.

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harry8292 Rookie Member

harry8292

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I think condos should be boycotted, due to the racist and unworkable law that it has to be purchased with foreign currency in one payment. That is a stupid protectionist policy to stop foreigner's buying up property and driving up prices too high for locals as if locals buy condos with 30 year leases any way. the worse thing is they haven't taken into account those who earn money within Thailand who are forced to lose money to the banks in fees and bad currency exchange rates.

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ianguygil Silver Member

ianguygil

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Your profile says you are in the UK.

I assume you already are aware that the full amount needs to be remitted from abroad and transferred into the country in foreign currency, not converted to THB in advance. And the payment needs to have the correct wording in the "Bank to Bank" instructions commenting that these funds are for the purchase of a condominium

You can go to the Bangkok Bank branch in London and they can help you with this. Call them first. If that does not work please let me know. Good luck

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pkrv Gold Member

pkrv

Posted
Posted (edited)
Your profile says you are in the UK.

I assume you already are aware that the full amount needs to be remitted from abroad and transferred into the country in foreign currency, not converted to THB in advance. And the payment needs to have the correct wording in the "Bank to Bank" instructions commenting that these funds are for the purchase of a condominium

You can go to the Bangkok Bank branch in London and they can help you with this. Call them first. If that does not work please let me know. Good luck

Actually you can also convert to THB offshore and send. There was a time when this would have been a disaster (the onshore off shore issue). However it now once again just depends on where you can get the best rates from (thank god!). Actually Thai banks offer very competitive rates at this time, so it is often best to send foreign currency, providing of course you have your own Thai bank account :) .

Providing the funds come from offshore it's fine.

Bangkok Branch UK cannot help.

OK - On the correspondent bank issue and sorry I have submited a double post as this info is also posted here:

http://www.thaivisa.com/forum/Bank-Rate-Po...04#entry3065704

The correspondent bank for Bangkok Bank in the UK is the branch at:

61 St Mary Axe

London, EC3A 8

020 79294422

I visited there this morning, and am an existing customer at their head office branch in Bangkok.

There is not one cash point, passbook update, or cash deposit machine to be seen.

Whist I can see that a Bangkok Bank branch in Thailand could issue a cashier's cheque in Stirling, the UK branch simply cannot, I was told to go to Thomas Cook down the road.

They did understand about PUPID (Pay Upon Proper Id) but only from Thailand to UK perspective and indeed under unusual circumstances. Like a student makes an emergency call home because he/she has spent their allowance.

You an also receive funds without a Bangkok Bank account using what is called in the industry PUPID (Pay Upon Proper ID). Please see teh website regarding funds transfer, receiving funds from overseas and the checklist on "getting your money faster"

Tips are

"Faster Service

  • For the same day payment service, payment instructions must reach Bangkok Bank by 4.00 pm* and be correctly formatted with complete details.
  • If you are an international traveler without a Bangkok Bank account and wish to receive funds from abroad in cash, please remind the person who is sending the funds to specify your passport number, telephone number and address in Thailand in the payment instruction.
  • If you are a Bangkok Bank account holder, make sure that you advise the remitter to specify the correct account name and account number as it appears on your accounts - errors may cause delays.
  • Instruct the remitter to send the funds via a Bangkok Bank correspondent bank. Please phone (66) 0-2685-7777 for more information."

They can send up to 500 GBP cash to your account. There is a 15 GBP fee for a 5 working day service, and for the first transaction you need to produce proof of address and passport. They can transfer up to 4,000 GBP for a 15 GBP fee again for a 5 working day service, but you need to give them a cheque and additionally provide three months of pay slips, plus lots of other information.

All in all the 3.00 GBP tube fare, fees, hassle, and quite frankly I got the impression 'why are you wasting our time with this trivia' sort of means they are useless to us. They are there for business, full stop.

I did also ask if they could do the paperwork for providing proof of foreign funds for purchasing a Farang quota condo. They said no.

So no use for retail banking/services, at all! But at least I did get to see the Gherkin close up, so it was fun.

Edited by pkrv
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